Corporate holders of Bitcoin are moving in opposite directions as market strains increase. Michael Saylor’s Strategy halted its regular accumulation, keeping its large treasury untouched, while Nakamoto Holdings pared back exposure and crystallized losses to boost liquidity.
Nakamoto sold roughly $20 million of BTC in March, disposing of about 284 coins at approximately $70,400 each — well below its earlier average purchase price. That transaction reduced the company’s stash to just over 5,000 BTC and shifted a portion of its position from unrealized to realized losses. Cash from the sale was directed toward working capital and investments tied to recent mergers. At the same time, Nakamoto trimmed an equity stake in Japanese firm Metaplanet, selling shares at a loss as part of a broader balance-sheet reset common among digital-asset treasury managers.
By contrast, Strategy — long known for steady weekly purchases — reported no Bitcoin buys in its latest disclosure. The pause stands out because consistent accumulation has been central to the company’s capital plan and public profile, particularly as Bitcoin slid from roughly $120,000 to below $70,000. Strategy still holds about 762,000 BTC, by far the largest corporate treasury, and its weekly filings have been monitored as an informal gauge of institutional demand. A temporary halt may simply reflect caution around market conditions, capital allocation choices, or a deliberate change in purchase cadence.
The split highlights intensifying scrutiny of the corporate Bitcoin-treasury approach. Some firms treat BTC as a long-term reserve and weather volatility, while others — especially those with leverage or near-term cash needs — are unlocking liquidity and recognizing losses. With Bitcoin roughly 46% under its peak, the vulnerabilities of debt-fueled or aggressive accumulation strategies are more evident.
Separately, a proposed Bitcoin-backed municipal bond in New Hampshire moved forward after receiving a Ba2 rating from Moody’s, a speculative-grade score. The planned roughly $100 million issuance would be secured by Bitcoin collateral rather than conventional tax revenue, with repayments hinged on returns from that collateral. Moody’s pointed to elevated Bitcoin volatility as a key reason for the speculative rating, underscoring the novel risks of linking public finance to crypto markets.
In corporate listings news, CoinShares completed a Nasdaq debut via a SPAC merger that valued the digital-asset manager at about $1.2 billion, illustrating that SPACs remain an option for crypto-native firms seeking U.S. public-market access despite challenging conditions.
Taken together, Nakamoto’s selling, Strategy’s pause, the New Hampshire bond rating and CoinShares’ listing illustrate the varied ways businesses and municipalities are either integrating Bitcoin into their finances or reassessing exposure amid heightened volatility and capital pressures.